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The CIMA Code of Ethics contains five fundamental principles of professional ethics for management accountants. Which of the following are fundamental principles, according to the Code? Select ALL that apply.

Which THREE of the following are valid reasons for disclosing commercially sensitive information to a third party which would NOT breach the ethical principle of confidentiality?

Stephanie has worked in the finance department of Alpha for 5 years and has been promoted to work alongside the management accountant. Stephanie is currently working towards a CIMA qualification. The CIMA qualified management accountant of Alpha, has told Stephanie that he works closely with department heads to produce their annual budgets. He is happy to allow significant 'slack' to be built in to these budgets to make them easier to achieve since, in his view, this makes Alpha a much more relaxed place to work. Following this conversation, Stephanie overheard the management accountant agreeing to alter budgeted production figures to make them easier to achieve in return for tickets to a major football game. When she questioned her boss, he told her no harm was done since the budgeted figures are subjective anyway. Which of the following ethical principles is the management accountant in breach of? Select ALL that apply.

TC is a travel company. Its head office is in Germany but it operates throughout Europe. It is a multi-million dollar business with thousands of employees at head office, in high-street branches throughout Europe, and within the hotels it sends customers to. TC has been in the world news recently due to a tragic event which occurred six years ago at one of the hotels it contracts with. Two children died in their hotel room due to a faulty boiler giving off poisonous carbon monoxide fumes while they slept. The parents of the children have spent the past six years fighting for compensation from TC The court case heard how TC contracted for rooms in the hotel. Part of the contract stated that the rooms should be safe for their customers. The hotel manager signed the agreement but made no effort to check each room for its safety. The parent's contract was with TC. TC s contract was with the hotel. The court case has now been decided and TC has been awarded $$3 million in compensation. The hotel had broken its contract by not making the rooms safe. The parents were awarded nothing by the court since their contract was with TC, who had done nothing contractually wrong. TC's Board has since decided to give the parents $$350,000 as a gesture of goodwill. Tc's actions have been criticised in the national press and on international television. TV coverage is showing parents packing carbon monoxide detectors in their suitcases prior to travelling to Europe. Interviews with parents have covered their disgust at Tc's actions No apology has ever been given by TC. Tc's share price has fallen by 10% over the past week. This morning Tc's Board announced their profits for the year and their CEO is to be awarded an $11 million bonus. Which THREE of the following courses of action are most appropriate for TC?

CHB is a CIMA qualified accountant. She decided to leave her job as a management accountant at XYZ plc to start her own business. As a dog lover she opened a dog grooming salon in a town near to her home She rented premises, just off the high street and near the local park, from the local council. The rent was advertised as $$4, 500 per annum but, due to he dilapidated state of the premises, she managed to negotiate a discount and paid only $$350 per month. The council required one months' rent to be paid up front in lieu of a bond. CHB employed two members of staff- one a qualified groomer, and one as a trainee groomer. The trainee groomer attended college on day per week, leaving the groomer to work alone that day. CHB managed the bookings, the bank account, wages, advertising and inventory. The business quickly established itself and word spread in the local area that the service provided was good. Many customers returned every six to eight weeks, happy with the service. However, the local area didn't appear to have sufficient dogs to maximise capacity, so CHB had to terminate the trainee's employment contract (within her three month probation period). The disgruntled trainee did not receive the news of losing her job wel and decided to take revenge by discrediting the business. Having copied the client details of some of the salons best customers she telephoned them at home and told them of terrible things that were done to their beloved pets while at the salon. These events were not true. By the end of the first nine months it became apparent that the business would do well for one individual i.e. the groomer (whose wages were fixed)but there was insufficient profit left over for CHB to take a salary. CHB decided to sell the business, which the groomer was more than happy to buy The agreed purchase price was S5, 000. This was paid immediately. The rental agreement between CHB and the council continued until the year end CHB still had to pretend that she was the business owner or she would be in breach of contract one of the contract terms was that there was to be no sub-letting. On two occasions when the council telephoned CHB'S home telephone number she pretended that she still ran the business. The groomer agreed with the charade. CHB continued to pay the rent to the council each month until the contract end, the groomer having paid CHB first. CHB paid the rent by debit card over the telephone. One month, towards the end of the rental contract, the council misallocated the rent received by them and allocated it in error to their rates department. The grooming business was rates exempt so the rates department returned the $350 to CHB. At the end of the year, after receiving the bond back, CHB immediately closed the grooming business bank account and changed her telephone number. The council have not been in touch about the missing months rent yet. Which THREE of the following ethical principles has CHB and her staff NOT met?

The UK Corporate Governance regime recommends that large listed companies should form an Audit Committee consisting of independent non-executive directors. The Audit Committee should be responsible for which of the following? Select ALL that apply.

The UK Corporate Governance regime recommends that large listed companies should for a Remuneration Committee.The Remuneration Committee should be responsible for which of the following? Select ALL that apply.

The remuneration committee of Ghee plc, a listed company, consists of 4 Directors with the HR Director Chairing the committee.The other three members are NED's although only one of these has been assessed as Independent by the nominations committee. The remuneration committee Has responsibility for both executive and non-executive Pay policy with these policies being put forward by approval at the AGM by shareholders. What actions should Ghee take to comply with best practice corporate governance? Select ALL that apply.

YY is a large listed company which makes soft drinks. The company has just experienced a very volatile 3 year period. During this time, the additive used to sweeten YY's products was made illegal in many of its core markets. In addition, the CEO and chairman both resigned and the Finance Director was removed following a conviction for insider training. The new CEO has a strong manufacturing background but no direct experience of the soft drinks industry. At the next board meeting he wishes to discuss the role of NED's in supporting him given this lack of expertise. In his opinion, the NED's main function is to ensure the strategies of YY are realistic and achievable. The company has 4 NED's, 2 of whom held senior positions in the soft drinks industry before their retirement from full time work. All four NED's have been in post for over 5 years. Which of the following roles should the CEO expect the NED's to carry out in order to support him? Select ALL that apply.

According to a recent analyst's report, F is the only company out of the 150 biggest in Geeland which still has a unified chief executive-chairman. Over the last year,several key investors have expressed concern that this is the case and urged the board of F to consider splitting the roles. In their opinion, an independent chair of the board of directors would eliminate the structural conflict of interest caused by the chief executive being his own boss, and would clarify where the authority of the chief executive ends and responsibility of the board begins. The board of F are however happy with the current situation and have no plans to change. Which of the following are likely arguments to maintain a unified chairman and chief executive role at F? Select ALL that apply.

The board of Bax Miking Plc have recently decided to appoint some new members to the board. The marketing director has put his daughter forward. His daughter Z, who is 23, has just completed studying towards a financial qualification in her first full time job. He feels that she would be a great addition to the board and would be able to join both the audit committee, and the remuneration committee. Which of the following statements are true? Select ALL that apply.

X is a manufacturing company. It makes one product, the Y. The quality inspectors of x currently reject 3% of the finished Ys produced, as they are unfit for purpose. Which of the following controls should reduce the rejection rate?

X is a retailer. It currently suffers significant losses due to theft by staff and customers. Which of the following controls should reduce the number of threfts? Select all that apply.

In Country A,a person over the age of 17 can drive a car on public roads only if they have passed a one hour long practical driving test with an official examiner. This test involves the candidate demonstrating several driving skills but the route and the skills chosen are at the examiner's discretion. There are 350 test centre across Country A with each employing at least 3 examiners. Examiners do not work in more than one centre. it has been reported in the media that in some centre, fewer than 30% of candidates are passing the practical exam, whereas the pass rate is as high as 80% in others. As a result,there has been much criticism of the lack of standardization in tests and centre with low pass rates are seeing a reduction in demand whilst those with higher rates have long waiting lists. Country A's government official have issued a statement in response, to these reports saying that, although they have the utmost faith in diving test standards in the whole of Country A, they will be implementing further standardization measures across all centre. Which of the following ideas for standardization may help to resource leaner drivers the test is the same wherever it is taken? Select ALL that apply.

G is a large manufacturer of machinery which purchases oil in large quantities to use in its production processes. The oil is stared in two large tankers, referred to as A and B. G's inventory manager has been instructed not to tie up too much cash in oil since G is currently experiencing some liquidity problems. Consequently he places orders for the minimum required on an ad hoc basis .G has had to post ponc two large machinery whilst it waited for an oil delivery. The delay in delivering the orders to G's customers whilst-stomers will result in cash penalties for G. Oil suppliers are scarce in G's home country. The directors are concerned that, in trying to improve the liquidity position of G, they have in fact caused the situation to worsen. They have asked the inventory manager to come up with some practical ideas to prevent reoccurrence of the late delivery hut also minimise liquidity risk. Which of the oil owing actions would be suitable suggestions for the inventory manager to make to the board?Select ALL that apply.

H manages a black of luxury flats at a popular coastal resort. The flats are owned by individuals who pay H to market them as holiday rentals as well as maintain them and de al with holiday makers staying in them. H charges a flat fee for this service and also takes 10% of the holiday rental income from each booking. H insists that the owners of the flats make them available for at least 40we eks of the year. Any bills which are incurred for maintenance are charged back to the owners with commission of 15% and H provides a cleaning service between rentals which it also char ges owners for, H recently recruited a new office manager who decided to rearrange the filing system, in the office. The manager found several invoices for maintenance work carried out by trade smen which hadn't been recharged to clients because no specific flat address was record ed on the work done section. The office manager also found a file of invoices labelled 'miscellaneous',all paid but without sufficient detail to recharge to any flat .These invoices were mainly for small value items such as toiletries. H's new office manager wishes to implement a new control system to ensure all costs inc urred in maintaining the flats are recharged with commission to owners. Which of the following controls would reduce the risk of costs being correctly recharged to flat owners?

Q is a local council department which commissions Services from cut side contractors to carry out all aspects of the councils work. a has a list of recommended contractors, many of whom have worked for the council for many years and provide an e xcellent service at are a seasonable price. Recently, central government announced changes to the health and safety laws in Q's c ountry. These changes meant that in order to use outside contractors, Q would need to p ay for expensive insurance, or insist that contractors apply for a new Health and Safety a ccreditation certificate. Q does not have a budget to pay for the insurance and to qualify for the certificate contractors must pay for and attend a week long course. As yet,these c ourses are not available anywhere local to Q. Central government insists that the new laws will prevent unscrupulous contractors carryi ng out work without proper safety controls in place. This has been a problem in some areas of the country and led to expensive compensation claims. Which of the following are risks to Q arising from the changes to health and safety laws?

The Finance Director of X plc recently attended a CPD seminar entitled Fraud - How to design an anti-fraud strategy. Her original understanding of her fiduciary duty regarding fraud was that it was her job to detect any wrong doing. However the seminar enabled he r to understand there are other aspects to an anti-fraud strategy. Which of the following components are key to an effective anti-fraud strategy?

Aggrico Bank plc has just employed a new Chief Executive Officer (CEO) after the departing Chief was convicted of a high level fraud. The new CEO has said that she is committed t o developing a sound ethical culture to ensure the long-term survival of the bank. Which of the following policies would help the new CEO to achieve her aim?

Rural Ltd is an independent, small, family-owned construction business that has been a period of a rapid expansion and growth over the last five years. Until now the family has simply relied on informal trust based control systems. However, the finance officer has started to see small inventory discrepancies, the bank reconciliation not quite reconciling and he also suspects internal leaks of client information to a leading competitor. Which of the following internal control policies would be appropriate for Rural Ltd, to implement?